1月20日晚间，锦龙股份一纸公告揭开了中山证券的新麻烦：光大银行长春分行以原告身份发起诉讼，要求中山证券与招商银行 无锡分行、平安银行深圳分行等共计五家被告连带赔偿3.5亿元本金及1.394亿元资金占用费，涉案总金额高达4.89亿元。 中山证券并非首次涉诉。就在2025年10月，中山证券在另一起诉讼的终审判决中，被判对一笔2700万元的债务在30%范围内承担 连带赔偿责任。 "旧案"曝光 中山证券涉诉 纠纷的起因是2014年5月，招商无锡分行委托中山证券设立定向资产管理计划，要求投资3.5亿元于平安深圳分行作为受托人的委 托贷款，投资期限为2014年5月30日至2015年5月29日。授权委托中山证券代表招商无锡分行与平安深圳分行、柳河米业签订《委 托贷款合同》；明确该投资系由招商无锡分行决策，投资安全及任何风险收益均由招商无锡分行负责。 与此同时，在证券行业整体营收、利润高增长的发展态势下，中山证券却逆势掉队。财务数据显示，2025年中山证券营业收入同 比下滑29.17%，净利润更是大幅下滑88.06%。一边是诉讼纠纷缠身，另一边是业绩指标大幅下滑，中山证券正面临严峻考验。 中山证券经营承压 随后，中山证券根 ...

1月20日晚间，ST赛为（证券代码：300044）发布公告称，预计2025年度期末净资产为负值，在公司2025年年报披露后，公司股票交易可能被实施退市风 险警示（股票简称前冠以"*ST"字样）。 同日晚间，ST赛为还发布了2025年业绩预告。公司预计2025年归母净利润为-10.2亿元至-7.2亿元。 对于业绩亏损幅度扩大及净资产可能为负，ST赛为称，原因在于与深圳市艾特网能技术有限公司（以下简称艾特网能）诉讼、仲裁判决影响，对2025年 度净利润影响约为-7.18 亿元。 回溯公告，ST赛为及子公司廊坊市梅特科技有限公司（以下简称梅特科技）与艾特网能的买卖合同纠纷于2023年12月被深圳国际仲裁院受理，并在近日 作出仲裁判决。深圳国际仲裁院裁决内容包括：ST赛为需向艾特网能支付合同价款6.1279亿元；支付逾期付款违约金（以6.1034亿元为基数按每日万分之 四、以245.45万元为基数按LPR自2022年3月30日起计算至实际清偿日止）；补偿律师费100万元；与梅特科技共同补偿财产保全费5000元、保全保险费 26.87万元，并共同承担仲裁费498.87万元。此外，艾特网能对梅特科技提供抵押的设备在上述债 ...

Core Viewpoint - GAC Group officially refuted claims that "half of the automotive chips in future GAC vehicles will be replaced by Gree products," stating that such assertions are not true [2][3]. Group 1: Company Statements - On January 15, GAC Group Chairman Feng Xingya visited Gree Electric, where Gree Chairman Dong Mingzhu did not mention any chip collaboration during their discussions [3]. - GAC Group emphasized that the discussions focused on "smart integration of people, vehicles, and homes," and industry collaboration [3][4]. - GAC Group will announce any specific progress regarding cooperation with Gree through official channels [7]. Group 2: Industry Context - Both GAC Group and Gree Electric are involved in the chip business, with Gree planning to mass-produce silicon carbide chips for various applications by 2026 [8]. - Gree's subsidiary, Zhuhai Gree Electronics Components Co., is engaged in manufacturing third-generation semiconductor silicon carbide wafers and has capabilities for producing reliable household and automotive-grade chips [9]. - GAC Group has developed a comprehensive automotive chip product matrix, launching 12 types of automotive chips covering various fields, and initiated a collaborative ecosystem for automotive chips with multiple partners [9].

Group 1 - The U.S. stock market experienced a significant drop, with the S&P 500 index falling by 1.5%, erasing all gains since 2026 [9] - The Chicago Board Options Exchange Volatility Index (VIX), known as Wall Street's "fear index," surged to 20.69, the highest level since November 25, 2025 [9] - U.S. Treasury yields reached a four-month high, influenced by a sell-off in Japanese bonds and news of a Danish pension fund planning to exit U.S. Treasuries [11][12] Group 2 - The U.S. dollar recorded its worst two-day performance in about a month, reflecting market volatility and geopolitical tensions [11] - European Parliament responded to President Trump's threats by freezing the approval process of a trade agreement with the U.S., indicating rising geopolitical tensions [6] - Concerns arose regarding potential European asset sales in response to U.S. tariffs, although such actions would be complicated due to the private ownership of most assets [12][13] Group 3 - Storage chip stocks saw significant gains, with companies like Sandisk Corporation rising by 7.27%, while other tech stocks generally declined [14] - Major tech companies such as Apple, Amazon, and Meta Platforms experienced declines, with Apple down by 1.76% and Amazon down by 2.13% [14]

Core Viewpoint - ST Saiwei is expected to have a negative net asset value by the end of 2025, which may lead to a delisting risk warning for its stock trading [2] Group 1: Financial Forecasts - The company estimates that its net assets attributable to shareholders will be between -870 million yuan and -620 million yuan by the end of 2025 [2] - The projected net profit for 2025 is expected to be between -1.02 billion yuan and -720 million yuan [2] Group 2: Legal and Financial Issues - The anticipated losses are primarily due to a lawsuit and arbitration ruling involving Shenzhen Aite Network Technology Co., which is expected to impact the 2025 net profit by approximately -718 million yuan [3] - The arbitration ruling requires ST Saiwei to pay Aite Network a contract price of 612.79 million yuan, along with overdue payment penalties and other fees totaling approximately 6.1 million yuan [3] Group 3: Recent Performance and Market Reaction - In 2024, the company reported revenue of 143 million yuan, a year-on-year decline of 68.03%, with a net profit loss of 507 million yuan [4] - For the first three quarters of 2025, revenue further decreased to 87.48 million yuan, a 46.25% year-on-year decline, with a net profit loss of 53.69 million yuan, representing a 205.65% increase in losses compared to the previous year [4] - Despite poor financial performance, the company's stock has seen significant gains, with a 48% increase year-to-date as of January 20, 2023 [4]

中国基金报记者孙越 1月20日晚间，锦龙股份一纸公告揭开了中山证券的新麻烦：光大银行长春分行以原告身份发起诉讼，要求中山证券与招商银行 无锡分行、平安银行深圳分行等共计五家被告连带赔偿3.5亿元本金及1.394亿元资金占用费，涉案总金额高达4.89亿元。 中山证券并非首次涉诉。就在2025年10月，中山证券在另一起诉讼的终审判决中，被判对一笔2700万元的债务在30%范围内承担 连带赔偿责任。 【导读】中山证券涉诉，被要求承担连带赔偿责任 与此同时，在证券行业整体营收、利润高增长的发展态势下，中山证券却逆势掉队。财务数据显示，2025年中山证券营业收入同 比下滑29.17%，净利润更是大幅下滑88.06%。一边是诉讼纠纷缠身，另一边是业绩指标大幅下滑，中山证券正面临严峻考验。 "旧案"曝光 中山证券涉诉 纠纷的起因是2014年5月，招商无锡分行委托中山证券设立定向资产管理计划，要求投资3.5亿元于平安深圳分行作为受托人的委 托贷款，投资期限为2014年5月30日至2015年5月29日。授权委托中山证券代表招商无锡分行与平安深圳分行、柳河米业签订《委 托贷款合同》；明确该投资系由招商无锡分行决策，投资安全及任何 ...

【导读】丹麦养老基金AkademikerPension将退出美国国债投资 大家好，关注一则"清仓美国"的消息！ 这一动向出现之际，特朗普正不断加大"接管格陵兰岛"的威胁力度，引发欧洲盟友，尤其是丹麦伙伴的 震惊与不满。格陵兰岛是丹麦王国的一部分，面对特朗普提出"购买格陵兰岛"的想法，格陵兰岛方面一 直明确回应：不出售。 舍尔德说："覆水难收，几个月后局势或许会更平静一些，而且特朗普也不能再次连任，下一任总统可 能会有所不同。但五年、六年、十年之后呢？我认为欧洲已经强烈意识到，我们必须能够自立自强。" 1月20日晚间，丹麦养老基金AkademikerPension表示，计划在本月底前清仓美国国债，原因是担心美国 总统特朗普的政策带来"不容忽视"的信用风险。 AkademikerPension也是最新一家下调美国国债持仓的丹麦养老基金。教师养老金基金Laerernes Pension 在本月格陵兰岛争端升温之前，就已经退出了大部分美国国债持仓，理由是担忧美国债务的可持续性， 以及对美联储独立性受到威胁的担忧。管理约1200亿美元资产的PFA近期也在更大范围的资产重组中降 低了相关持仓。 AkademikerPen ...

【导读】广汽集团（601238）辟谣称"未来广汽汽车芯片一半由格力产品替代"的说法不属实 1月20日，广汽集团官方微博发文辟谣称，网传"未来广汽的汽车芯片中一半由格力产品替代"的相关表述并非事实。 1月15日，广汽集团董事长冯兴亚率队访问格力电器（000651），格力电器董事长董明珠率队接待。 网传董明珠在接待过程中表示："未来广汽集团的汽车芯片一半由格力产品替代。" 董明珠表示，双方聚焦"人车家"智能融合的蓝图展开深度交流，推动格力电器全品类科技与广汽集团优质汽车产品双向赋能，共同打造领航级智能系统融 合方案的应用新标杆。 相关方均未提及芯片合作 广汽集团发文辟谣称，1月15日，冯兴亚率队访问格力电器，与董明珠及格力电器管理团队共商"人车家"智慧生态融合发展，探讨产业协同。 查询可见，冯兴亚、董明珠均于1月15日发布微博，介绍双方的交谈内容。 冯兴亚表示，双方围绕产业协同发展、"人车家"全场景融合等议题展开深入交流。 广汽集团、格力电器均有布局芯片业务 近日，格力电器总裁助理、珠海格力电子元器件有限公司总经理冯尹在大湾区化合物半导体生态应用大会上表示，格力电器碳化硅芯片工厂在量产家电用 碳化硅芯片后，202 ...

Core Viewpoint - Liou Co., Ltd. will resume trading on January 21, 2026, after a significant stock price fluctuation, with a nearly doubled increase in its stock price during the recent period [1] Group 1: Stock Trading and Resumption - Liou Co., Ltd. announced that its stock will resume trading on January 21, 2026, following a self-examination of stock price fluctuations [1] - The stock was suspended from trading on January 16, 2026, due to a 96.77% deviation in closing price over 10 consecutive trading days [1] Group 2: Business Performance and Financials - For the fiscal year 2024, Liou Co., Ltd. reported an operating revenue of 21.171 billion yuan and a net profit attributable to shareholders of -259 million yuan [2] - The company confirmed that there were no significant changes in its operational environment and that its business operations remain normal [2] Group 3: Valuation Metrics - As of January 19, 2026, the industry average price-to-book ratio for the "L72 Business Services" sector was 2.27, while Liou Co., Ltd.'s latest price-to-book ratio was 5.32 [2] - The rolling price-to-earnings ratio for Liou Co., Ltd. was reported at 143.98, significantly higher than the industry average of 33.35 [2]

二是提升有色金属大宗商品期现货市场国际化水平，增强"上海价格"影响力。扩大上海有色金属期货市场高水平制度开放，逐步将符合条件的有色金属商 品期货期权品种纳入对外开放品种范围，并同步完善与对外开放品种相适配的业务细则。积极探索跨境交割机制创新，深化交割服务"走出去"，在风险可 控的前提下，落地境外设库、跨境交割业务模式。《行动方案》依托在沪金融基础设施，加强有色金属大宗商品国际影响力，提升"上海价格"影响力。 三是集聚市场主体，培育良好有色金属市场生态圈。培育具有综合竞争力的贸易主体，推动大宗商品企业与产业链上下游企业合作。扩展区块链在有色金 属领域应用，推动更多跨平台、跨机构、跨地域的数据共享。探索通过仓单立法实现全仓登仓单登记的有效性和权威性。《行动方案》推动各市场主体形 成合力，助力提升上海有色金属行业影响力。 【导读】上海发布18项措施，提升有色金属大宗商品能级和全球定价影响力 1月20日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总局上海监管局、中国证券监督管理委员会上海监管局、上海市 商务委员会联合发布《加强期现联动提升有色金属大宗商品能级行动方案》（以下简称《行动方案》） ...